Graco Inc. (NYSE:GGG) Expected to Earn Q2 2024 Earnings of $0.75 Per Share

Graco Inc. (NYSE:GGG - Free Report) - Equities researchers at Zacks Research decreased their Q2 2024 earnings per share (EPS) estimates for Graco in a report released on Wednesday, May 15th. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $0.75 per share for the quarter, down from their previous estimate of $0.76. The consensus estimate for Graco's current full-year earnings is $3.07 per share. Zacks Research also issued estimates for Graco's Q3 2024 earnings at $0.78 EPS, FY2024 earnings at $2.99 EPS, Q1 2025 earnings at $0.70 EPS, Q2 2025 earnings at $0.86 EPS, Q4 2025 earnings at $0.87 EPS, FY2025 earnings at $3.18 EPS and Q1 2026 earnings at $0.75 EPS.

Graco (NYSE:GGG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $0.65 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.09). Graco had a net margin of 23.15% and a return on equity of 23.01%. The business had revenue of $492.19 million during the quarter, compared to analyst estimates of $536.19 million. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The company's revenue for the quarter was down 7.1% compared to the same quarter last year.

Several other research analysts also recently weighed in on GGG. William Blair reiterated a "market perform" rating on shares of Graco in a research note on Friday, April 26th. Robert W. Baird cut their price objective on shares of Graco from $90.00 to $87.00 and set a "neutral" rating for the company in a research report on Friday, April 26th. Royal Bank of Canada lifted their target price on shares of Graco from $91.00 to $93.00 and gave the company an "outperform" rating in a report on Wednesday, January 31st. Finally, StockNews.com cut shares of Graco from a "buy" rating to a "hold" rating in a report on Friday, April 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $88.25.

Graco Stock Down 0.5 %

GGG stock traded down $0.39 during trading on Friday, hitting $83.02. The company had a trading volume of 662,785 shares, compared to its average volume of 680,124. The firm has a 50-day moving average price of $88.83 and a 200-day moving average price of $85.83. The firm has a market cap of $14.04 billion, a PE ratio of 28.63, a price-to-earnings-growth ratio of 2.72 and a beta of 0.84. Graco has a 1-year low of $69.78 and a 1-year high of $94.77.

Insider Buying and Selling

In related news, Director Jody H. Feragen sold 5,036 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $92.29, for a total value of $464,772.44. Following the sale, the director now directly owns 44,903 shares of the company's stock, valued at approximately $4,144,097.87. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Jody H. Feragen sold 5,036 shares of the company's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $92.29, for a total value of $464,772.44. Following the sale, the director now owns 44,903 shares of the company's stock, valued at approximately $4,144,097.87. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christian E. Rothe sold 15,000 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $90.04, for a total value of $1,350,600.00. Following the sale, the insider now owns 25,583 shares in the company, valued at approximately $2,303,493.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,088 shares of company stock valued at $4,000,485. 2.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GGG. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Graco by 0.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 30,968 shares of the industrial products company's stock worth $2,257,000 after purchasing an additional 215 shares during the last quarter. Assetmark Inc. grew its holdings in Graco by 20.7% in the third quarter. Assetmark Inc. now owns 6,508 shares of the industrial products company's stock valued at $474,000 after purchasing an additional 1,115 shares during the period. Allspring Global Investments Holdings LLC increased its position in Graco by 3,063.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 601 shares of the industrial products company's stock worth $44,000 after purchasing an additional 582 shares during the last quarter. Fifth Third Bancorp raised its stake in Graco by 21.8% during the third quarter. Fifth Third Bancorp now owns 2,339 shares of the industrial products company's stock worth $170,000 after purchasing an additional 419 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Graco by 24.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 147,612 shares of the industrial products company's stock valued at $10,758,000 after purchasing an additional 28,589 shares during the last quarter. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

About Graco

Graco Inc designs, manufactures, and markets systems and equipment used to move, measure, control, dispense, and spray fluid and powder materials worldwide. The Contractor segment offers sprayers to apply paint to walls and other structures; two-component proportioning systems that are used to spray polyurethane foam and polyurea coatings; and viscous coatings to roofs, as well as markings on roads, parking lots, athletic fields, and floors.